Thursday, August 31, 2023
CHF/JPY Uptrend Line Retest
The CHF/JPY pair moves sideways in the short term. It's trapped between 166.54 and 164.45 levels. It's trading at 164.73 at the time of writing. As you can see on the H1 chart, the rate is almost to reach the uptrend line and the 164.45. Technically, these lines represent downside obstacles.
As long as it stays above these levels, the currency pair could resume its growth, it could extend the uptrend line.
CHF/JPY Trading Conclusion
Staying above the uptrend line may announce a new upwards movement at least towards the 166.54 former high. A larger growth could be activated after the rate jumps above this obstacle.
On the other hand, dropping below the uptrend line and under 164.45 is seen as a selling opportunity as the rate could develop a downside reversal.
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